Crypto analytics firm Santiment says Cardano (ADA)’s average funding rate is giving a bullish signal. It also suggests interesting data for the two altcoins. Here are the details…
Santiment draws attention to funding rate for Cardano
According to Santiment, a higher funding rate is associated with higher correction risks, while ADA is currently doing the opposite. The price of Cardano has climbed above $0.50 and is up 25 percent in the last ten days. When extreme increases in ADA’s shorts and longs typically liquidate traders and large price swings occur, funding rates are a vital metric to consider. ADA is changing hands at $0.46, down 5.1 percent at the time of writing. The cryptocurrency has dropped 4.7 percent in the last 7 days.
Santiment also tells investors to keep a close eye on XRP as it sees an increase in trading volume as the seventh-largest crypto asset by market cap. Santiment uses the following expressions:
XRP is at the forefront of the altcoin suite recently, and some key milestones came in the past week. In addition to triggering several major active address spikes, this week saw massive dormant tokens changing addresses. Follow XRP closely.
Negative feelings prevail for the CRO
The firm also says that Crypto.com’s native token, Cronos (CRO), has drawn negative sentiment recently after the exchange’s announcement that it was reducing its Visa card benefit offers. Crypto.com, one of the world’s leading cryptocurrency exchanges, has recently upgraded its Visa Card policies. Thus, it removes a critical feature that has made it the most popular crypto-linked card program.
Members of certain tiers of Crypto.com’s Visa Card are now excluded from the discount benefits they enjoy through Spotify and Netflix. Beginning January 23, these cardholders will no longer receive CRO as cashback and will instead be given a 2 percent refund on their spending with Spotify and Netflix. Shortly after the announcement, on July 23, Cronos became a major topic of discussion on social channels. And as a result, his social dominance peaked in 2 months. Santiment used the following statements:
Cronos, formerly known as #CryptoComCoin, went viral after Visa announced that it had stripped away the benefits of the #crypto-linked credit card #Netflix and #Spotify. #Reddit has since felt that disposing of the card is the best way to go.
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